Press Release - MAY 10, 2019
AM BestTV: Spanish Nonlife Insurance Market Sustains Stable Outlook, Says AM Best Senior Financial Analyst
| ||Lee McDonald|
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
FOR IMMEDIATE RELEASE
OLDWICK - MAY 10, 2019
In this AMBestTV episode, Jessica Botelho-Young, senior financial analyst, AM Best, said Spain’s economic growth and insurers’ ability to maintain focus during political uncertainty and respond to consumer and regulatory developments help support a continued stable market segment outlook for the country’s nonlife market. Click on http://www.ambest.com/v.asp?v=spanishnonlife_english419 to view the entire program.
Botelho-Young spotlighted three reasons why AM Best is holding over its stable outlook for 2019.
“The first one, and perhaps the most important one, is the continued economic growth that has occurred in Spain, which is very much aligned with the insurance sector and growth in gross rate and premium,” said Botelho-Young. “The second point is the market’s resilience to the elevated political instability in Spain. The third is the market’s ability to adapt to changing customer needs, as well as the changing regulations.”
As with other sectors, Botelho-Young believes that technology is going to play a major role in the long-term evolution of the Spain’s nonlife sector.
She said, “Technology and being able to adapt to the ever-changing customer needs is going to be very important. Those market participants that are able to embrace technology and innovation, as well as create a competitive advantage by being able to effectively use those tools, are the ones that will be able to capitalize and see some opportunities. Those players could really have a competitive advantage.”
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